Brent hits $74, reaching a three-week high!

• Brent crude rose above $74, a three-week high
   
• China’s economic stimulus boosts demand outlook
   
• US considers new sanctions on Russia, heightening supply risks
   
• Chinese crude imports increased for the first time in months
   
• Non-OPEC+ supply may outpace demand next year

Brent crude oil futures climbed past $74 per barrel on Friday, reaching their highest level in three weeks and posting a weekly gain of over 4%.
 

This increase was fueled by expectations of stronger demand in the coming year,

driven by China’s economic stimulus measures and the risk of supply disruptions due to stricter US sanctions on Iran and Russia.

President-elect Donald Trump’s team signaled intentions to reinstate a "maximum pressure" campaign on Iran, while the outgoing Biden administration is said to be weighing additional sanctions targeting Russian oil.

Meanwhile, China’s crude imports in November rose for the first time in seven months, supported by stockpiling efforts and lower oil prices.

However, the International Energy Agency forecasts a 1.5 million barrels-per-day increase in supply from non-OPEC+ producers, including the US and Brazil, which is expected to outstrip the projected demand growth of 1.1 million barrels per day next year.